Budget 2024 increases to $1.271T as Parliament approves $84.5B more for spending

Nov 29, 2024 News

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Kaieteur News- The National Assembly during the wee hours of Thursday passed a Financial Paper for a Supplementary Provision of over $80B, increasing the 2024 Budget to $1.271 trillion.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh had tabled two Financial Papers (Financial Papers Three and Four) in the House on November 25, 2025.

Financial Paper Number Three, which was approved on Wednesday afternoon, relates to advances from the Contingency Fund for the period 2024-11-07 to 2024-11-22 and totals $456,851,845 for current estimates while Financial Paper Number Four (approved Thursday morning) sought the support of the House for a supplementary provision of $84,074,229,401 for the period ending 2024-12-31.

The National Assembly resolved itself into the Committee of Supply around 14:30h on Wednesday afternoon to commence the debate process for the additional revenue requested by government. Around 00:50h on Thursday, Financial Paper Number Four was approved following a slew of questions from the Opposition on the various initiatives to receive additional funding.

In a statement, the Ministry of Finance said among the key initiatives provided for were Government’s $100,000 cash grant to persons 18 years and older and the transformational Gas-to-Energy project.

To begin the rollout of the highly anticipated $100,000 cash grant initiative, which was announced by President Irfaan Ali in October last, the National Assembly approved $30.5 billion so that resources would be provided for the initiative. Dr. Singh, during a recent interview with the media said that the Government is focused on ensuring that this economic prosperity reaches all Guyanese citizens. While providing details on the distribution process, he outlined that it will be done in two steps.

Step One involves a registration process where a schedule for each area will be provided to guide persons to their registration centres along with the dates for registration. Persons are advised to visit their respective registration centres with a valid National Identification Card or Passport.

Step Two will involve the verification of the registration to ensure there are no duplications along the way. This initiative, when completed, will place $60 billion in the hands of citizens across the country.

Prime Minister Brigadier (ret’d) Mark Phillips told the House that if there is need for additional resources to pay out the outstanding $100,000 cash grant to Guyanese citizens then government would approach Parliament with another Financial Paper.

Meanwhile, an additional of $25.3 billion was approved under the Office of the Prime Minister to advance Government’s Gas to Energy project which, when it comes on stream, is expected to result in a reduction of electricity costs by 50% countrywide. This project not only promises to significantly reduce energy costs but also to meet the growing demand for electricity in Guyana.

In line with Government’s 2020 Manifesto promise of delivering 50,000 house lots over the term, approval was also granted for $8.4 billion under the Ministry of Housing and Water to continue the administration’s transformational and expansive housing schemes initiative, as well as its coastal water supply programme.

Further, under the agriculture sector, $5.5 billion was approved for the National Drainage and Irrigation Authority to support the advancement of D&I works throughout the country and $4.5billion was approved under the Ministry of Health to advance construction of the six regional hospitals at Lima, De Kendren, Diamond, Enmore, Bath and No. 75 Village, as well as to initiate works on regional hospitals at Lethem, Moruca and Kato. This was in addition to the approval by the House of $3.6 billion for the provision of drugs and medical supplies.

The National Assembly also approved $1.2 billion under the Ministry of Education to support the operations of the University of Guyana for which tuition fees will be abolished in January 2025 as announced by His Excellency President Irfaan Ali in October last.

It would be recalled that just over three months ago Financial Papers Number One and Two were approved in the National Assembly on August 9. The two papers totaling $40B were approved following a nine-hour long debate in the House.

Financial Paper One, for Current Estimates, totaled $8,566,812,000 while Financial Paper Two for Capital Estimates totaled $32,182,604,021.  It should be noted that this year’s National Budget, the largest to date was approved in the National Assembly on February 2, 2024, to the tune of $1.146 trillion.

This means that this year’s Budget has been increased to $1.271 trillion with the approval of the four financial papers tabled and approved.

(Budget 2024 increases to $1.271T as Parliament approves $84.5B more for spending)

(Budget 2024 increases)

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• budget, finance, increase, Parliament, supplementary

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